The owner has declared bankruptcy, is supposedly trying to save his home via a HAMP modification but that's hasn't moved fast enough to stave off foreclosure.

Using 50% rule and doing the basement modifications you still end up at about $1500 left over after expenses so with your mortgage it's doubtful you will cash flow at all

The owner had been in pre-foreclosure but then was able to do loan modifications and property was listed as a regular sale for 309K (3+ months ago) and in Dec 2015 reduced to 299K.

IndyMac finally came back after 4 months and said they thought this house was up for load modification, but would now put it into the correct list.

They've fallen on hard times, went through the loan modification cluster%8&!

Was there a principal reduction as part of the mortgage modification?

Specialty Loan Servicing No Collection program for non-performing Loans, is an offsite program where [servicer name] is the required compliant Servicer of Record, and the Lender pursues their own workouts including collection calls, loan modifications, foreclosures, Deed in Lieu, etc.

So you may want to start by giving them other helpful alternatives (Modifications, etc...).

That said, in many jurisdictions there are specific circumstances where you can terminate leases prematurely, examples are if you, or an immediate family member, are going to make a unit/property your primary residence; if a substantial renovation is to be undertaken which necessitates the property or unit be vacate; or if the building is to be demolished.I am not certain if BC permits termination of leases under such circumstances.This property is in a desirable area, but is none-the-less overpriced whether you were planning to reconfigure it or replace it.

If your first mortgage loan has been modified under the Home Affordable Modification Program, you can be sure that this Federal government modification program will also help you achieve affordable payments on your home equity line of home equity line of credit.Second liens on your home – Modifying themThe second mortgage loans are usually called home equity loans or second liens.